The Ministry for Finance together with the Ministry for the Economy, Investment and Small Businesses has announced the establishment of a hardship fund for the Corporate clients of Satabank. The Fund is being managed by Malta Enterprise.
The hardship fund provides a bridge loan to assist affected companies. The fund effects and processes payments to cover verifiable salary bills. Other critical operating expenses may be considered on a case by case basis.
The hardship fund has been made available as of Monday 26th November 2018 to Corporate clients of Satabank registered in Malta or with employees resident in Malta, and which have:
- Paid operating expenses through their Satabank account on previous occasions;
- Sufficient funds with Satabank to cover the requested bridge loan; and.
- A substantive nexus to the Maltese economy.
Corporate clients in receipt of assistance from the hardship fund agree that, once released, the funds held at their Satabank accounts will be used to repay amounts provided by the hardship fund.
More information may be found on http://hardshipfund.maltaenterprise.com.